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DELAYS ADD TO THE PAIN OF GETTING POWER OF ATTORNEY

Delays and complications mean that it is taking up to 20 weeks to set up powers of attorney. The process is lengthy and can be hard to navigate, and families often have their applications rejected. There is hope, however, that the system for granting lasting powers of attorney is about to become easier. The government says that the system needs updating, and the Ministry of Justice and Office of Public Guardian (OPG) are speaking to banks and legal firms to find ways to make the process better. ...

October 25, 2021

WHERE THERE'S A WILL AND A COUPLE OF MARRIAGES, THINGS GET COMPLICATED

With blended families on the rise, so are inheritance rows.  Blended families are those where people have multiple marriages and children with different partners, meaning step-parents, stepchildren, divorced parents and siblings with large age gaps are all part of the family setup. These disputes are on the rise.  In 2020 there were 192 cases taken to the High Court by individuals claiming to be entitled to part of an estate.  This was up 50% from the 128 heard just 2 years previo...

October 21, 2021

CHALLENGING A WILL

The latest data from the Ministry of Justice shows that Will disputes are rising.  A Will can be challenged on the basis that it is invalid for any of the following reasons: The Will has not been correctly executed - Normally a Will must be in writing (handwritten or otherwise) and must be signed by the person making the Will in the presence of two witnesses. It must then be signed by the two witnesses, in the presence of the person making the Will, after she or he has signed. As a con...

August 4, 2021

FLEXIBLE LIFE INTEREST WILLS AND TRUSTS

The use of trusts is becoming more familiar in estate planning but - are all trusts equal? One of the more common trusts is a Flexible Life Interest Trust which we don't actually offer. When clients tell me that they already have a trust, or they can get the same thing cheaper elsewhere, a little bit of digging usually informs me that this just isn't the case. What they have, or are being offered, is not the same type of trust at all and does not give anywhere near the level of protection that w...

August 2, 2021

FUNDING OF LONG TERM CARE

When families are faced with a loved one needing long term care they are usually highly emotional, extremely stressed and feeling quite vulnerable.  Those feelings are often compounded by the way they are treated by the systems they face to secure care; those involved in the processes; and also a lack of accurate information by the health-care professionals involved.  At these times families need help and support more than ever before! Unfortunately many legal and financial p...

August 2, 2021

HOW TO SIGN YOUR WILL CORRECTLY

Your will contains instructions about who should benefit from your estate in the event of your death, including any gifts you want to make to loved ones or charity.It can name who should be guardians of your children, and who should look after your pets.A will becomes legally binding when you have signed it with two or more witnesses.  Under emergency legislation the witnesses do not need to be physically present: witnessing via online video chats is currently allowed although we wouldn't r...

June 7, 2021

DAD WANTED US TO INHERIT £300k. ALL WE GOT WAS HIS OLD TIE

Extended families and inheritance can be a toxic brew, particularly if mirror wills are involved.Mirror wills are commonly used by married couples who intend to leave everything to each other, and then apportion wealth to their children when the other dies.  They are also useful for second marriages, where the parents wish to leave money to their children and stepchildren, so that no one is left out because of a new relationship.However, mirror wills are not binding and can lawfully be chan...

May 27, 2021

CROSS OPTION AGREEMENTS

Cross Option Agreements are sometimes also referred to as Double Option Agreements or Company Wills.  Their purpose is to grant options to each party on the death of a shareholder ie the deceased's 'estate' and the continuing shareholder(s).   Just leaving a legacy of the shares to the co-shareholders in a Will could result in the family missing out, whereas leaving the shares to the deceased's family in the Will could result in both the family and the co-shareholders missing out!...

May 17, 2021

LOOKING AFTER YOUR DIGITAL LEGACY

Whether we have a Will in place or not I think most of us understand their importance.  But what about your digital assets ...?  Closing down your online life could be one of the hardest things your family has to do once you're gone.  Where should they start? Most digital assets will pass via the main Will that covers the majority of assets, but knowledge of online accounts and how to access them is probably best dealt with via a separate document which can be stored safely a...

May 6, 2021

The importance of a Business Lasting Power of Attorney

Have you considered what would happen to your business if you weren’t able to manage its affairs? Putting a Business Lasting Power of Attorney (LPA) in place is just one way to make sure your day to day business can continue if you were to lose capacity, even for a temporary period of time.Just like a Lasting Power of Attorney for your personal affairs, whether that be for Property and Finance or Health and Welfare, an LPA for your business allows decisions to be made on your behalf by a...

February 10, 2021

A WILL OR ESTATE PLANNING - WHAT'S THE DIFFERENCE?

A will is an important but simple legal document that dictates who receives what from your assets when you die, ensuring that the right money goes to the right people, at the right time. Estate planning is so much more. It's about protecting you and your beneficiaries for generations to come, from the unpredictable risks that can and all too frequently do occur, such as Care Fees, Inheritance Tax, Divorce, and Relationship Breakdowns. Protecting yourself and your family from all these scenarios ...

November 7, 2020

IT'S NO GOOD HAVING A WILL IN PLACE IF NO-ONE KNOWS WHERE TO FIND IT

Following on from recently recording a Zoom video chat with a lovely business friend of mine, Allison Dore of Hello Friday Virtual Business Support, I thought it was worth doing a short post identifying some hints and tips for keeping your Wills safe:   The best option is to have it professionally stored, off-site, to prevent against flood or fire but make sure your Executor and/or family know who to contact.  There is usually a small annual fee for this service.If it is to be sto...

October 20, 2020

WAITING TOO LONG TO HELP OLDER FAMILY MEMBERS WITH THEIR FINANCES CAN BE DISASTROUS!!

Spotting someone's mental frailty is often much harder to recognise than physical frailty. I think we all know that many more people are dealing with mental health issues at the moment and the pandemic and loss of normal routine has meant that the mental health of people has deteriorated even more quickly - 82% of carers of people with dementia have said that their condition has become worse during the pandemic (source Alzheimer's Society). This is being played on by scammers and fraudsters...

September 24, 2020 Posts 1-13 of 13 | Page